FTSE 100, DAX 40 on a positive footing ahead of US PCE inflation print while CAC 40 slips ahead of election
Outlook on FTSE 100, DAX 40 and CAC 40 as markets gear up for US personal consumption expenditures (PCE) and the first round of France’s legislative elections.
FTSE 100 range trades ahead of US PCE inflation print
The FTSE 100 now trades back below the 55-day simple moving average (SMA) at 8,222 but above Thursday’s 8,167 low. A rise above last Friday’s 8,290 high and the 7 June 8,306 high would put the early June high at 8,364 on the map whereas a fall through Thursday’s low at 8,167 could provoke a sell-off to the 8,138 last May low.
DAX 40 trades back above its 50% retracement
The DAX 40 continues to oscillate around the 50% retracement of the April-to-May advance at 18,170 but now trades back above it with the 55-day simple moving average (SMA) at 18,340 and the 18,367 Wednesday high representing good resistance. If overcome, a more significant advance may ensue.
Minor support below the 50% retracement at 18,170 can be seen at Wednesday’s 18,046 low.
CAC 40 drops towards its 4 ½ month low ahead of French legislative election
The French CAC 40 is seen falling once more ahead of the first leg of the French legislative election on Sunday with Thursday’s low at 7,521 acting as minor support ahead of the mid-June low at 7,464.
Minor resistance is seen along the 200-day simple moving average (SMA) at 7,634. If overcome, last week’s high at 7,725 would be back on the plate. This level needs to be exceeded for the bulls to be back in charge.
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